James Packer to purchase Peter Holmes a Court's share in the South Sydney Rabbitohs

Chris Barrett

James Packer is set to finalise the purchase of Peter Holmes a Court's share in the South Sydney Rabbitohs, completing a dramatic week in which the club won its first premiership in 43 years.

The billionaire casino mogul, whose company Crown Resorts is the major sponsor of the Rabbitohs, has been linked with a possible buyout of Holmes a Court's 37.5 per cent stake in Souths for nearly a year.

With Michael Maguire's team having won Sunday night's grand final in fairytale fashion a deal could now be announced within days, allowing Packer to join close friend Russell Crowe as joint 75 per cent shareholders in the foundation club.

The Crown chairman did not attend the grand final, having been required in China on business, but his anticipated entry into Souths is another huge boost for a club with designs on creating a modern-day dynasty.

Holmes a Court and Crowe paid $3 million for their stake in Souths in 2006 and the terms of the sale to Packer were unclear on Tuesday, although a weekend report listed the value of the rejuvenated club at $20m.

There has been persistent speculation that Holmes a Court, now based overseas, has intended to part with his share of the Rabbitohs and it appears with the club on far more firm financial ground than when he bought in, and with a premiership trophy in the cabinet, he believes the time is right for him to walk away.

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Packer is a lifelong Sydney Roosters fan, although his late father Kerry supported Souths, and his bond with Hollywood actor Crowe has led him to first a major sponsorship of the Rabbitohs and now what is expected to be ownership.

The deal would seal Souths' status as not only premiers but financial heavyweights of the competition. While Crowe and Packer would own 75 per cent of the club Souths' members own the remaining 25 per cent.

There appeared a potential hiccup in negotiations when Crowe labelled Crown Resorts chief executive Rowen Craigie a "pelican" on Monday morning after suggestions the Packer lieutenant had supported Canterbury in the grand final.

"Rowen Craigie needs to start looking for another job. You pelican", Crowe said on Twitter in a post that was later deleted.

Craigie later said insisted he had been supporting Souths on Sunday night and his comments about the Bulldogs pulling off a possible upset were misconstrued.

Early Wednesday afternoon, Holmes a Court released a statement confirming the planned transaction: "There are negotiations underway for the purchase of my 37.5% share in the South Sydney Rabbitohs. I am proud to have played a part in the team's great victory on Sunday and expect the club to go from strength to strength in coming years. I will not be making any further comment at this stage."